In a bold move to transform Enugu State into a commercial hub within Nigeria, Governor Peter Mbah has unveiled a whopping N971 billion budget for 2025, tagged “Budget of Exponential Growth and Inclusive Prosperity.” This ambitious budget is designed to drive economic growth, attract private investment, and improve the standard of living for Ndi Enugu.
Thank you for reading this post, don't forget to subscribe!The proposed budget allocates N837.9 billion for Capital Expenditure, representing 86% of the budget, and N133.1 billion for Recurrent Expenditure, representing 14%. A significant portion of the budget, N41,132,463,000, will be spent on expanding Enugu Air with the acquisition of four additional aircraft. This move is expected to boost the state’s aviation sector and enhance connectivity with other parts of the country.
Mbah’s administration had previously announced plans to establish a state-owned airline, Enugu Air, within the next 15 months. The acquisition of new aircraft is a significant step towards achieving this goal and positioning Enugu State as a major player in the aviation industry.
Other key projects included in the budget are the concessioning of the Akanu Ibiam International Airport, construction of an international cargo terminal, and a new taxi scheme to modernize urban and inter-urban transportation. These initiatives are expected to enhance the state’s infrastructure, promote economic growth, and improve the quality of life for residents.
Education has been allocated a lion’s share of N320.6 billion, representing over 33% of the total budget for two consecutive years. This is in line with the administration’s target of poverty eradication and an inclusive development model. The investment in education is expected to have a positive impact on the state’s human capital development and economic growth.
The state has also recorded significant growth in its Internally Generated Revenue, increasing from N37.4 billion in 2023 to N144.7 billion in September 2024, representing a 286.2% increase. This growth is a testament to the state’s deliberate effort to wean itself off reliance on allocations by the Federal Account Allocation Committee.
Addressing the House, Mbah said, “In crafting this budget, we have sought to continue to lay the right foundation in Enugu to enhance the economy and attract even more private investment. In spite of the dreary economic environment across the country, for us here in Enugu, we have elected to remain bullish in our aspirations, and to double down on our commitment to elevate our state to top three status in terms of GDP nationally, and eradicate poverty from our midst.”
The governor’s vision for Enugu State is ambitious, with plans to elevate the state to top three status in terms of GDP nationally and eradicate poverty. This budget is a significant step towards achieving that vision, and it is expected to have a positive impact on the state’s economy and the lives of its residents.